Gold is currently in a big downtrend that began back in August 2020.
Despite that, recently it has been forming a possible bottom. RSI is forming a bullish divergence that is pointing Gold going up.
I still want it to confirm it breaking through 163$, the red trendline and the 200WMA. It's going to be hard, it may take weeks, but if it can break those levels we can see Gold back at the ATH.
Until we see all that I am neutral.
Gold breaking those levels could also mean harder times for stocks and even Bitcoin.
I think it is key to watch in what direction will Gold break the current short term lateral movement.
Have fun and be careful out there!
Despite that, recently it has been forming a possible bottom. RSI is forming a bullish divergence that is pointing Gold going up.
I still want it to confirm it breaking through 163$, the red trendline and the 200WMA. It's going to be hard, it may take weeks, but if it can break those levels we can see Gold back at the ATH.
Until we see all that I am neutral.
Gold breaking those levels could also mean harder times for stocks and even Bitcoin.
I think it is key to watch in what direction will Gold break the current short term lateral movement.
Have fun and be careful out there!